Vietnam potential market for digitalisation, e-commerce

Vietnam has become an attractive destination for foreign firms and a potential market for digitalisation and electronic commerce, said Dato Lim Jock Hoi, Secretary General of the ASEAN (Illustrative photo: VNA)

HCM City (VNA) – Vietnam has become an attractive destination for foreign firms
and a potential market for digitalisation and electronic commerce, said Dato
Lim Jock Hoi, Secretary General of the ASEAN.

The
official made the statement at a press conference announcing the results of a
dialogue between the Federation of the Japanese Chamber of Commerce and
Industry in ASEAN (FJCCIA) and the ASEAN Secretary General, which was held in
Ho Chi Minh City on July 23.

Vietnam
has proved its position in the global economy. Notably, the country’s economy
maintains an impressive growth rate with an open business climate, he added.

Vietnam
is now a member of many bilateral and multilateral free trade agreements,
including those with great influence such as the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam
Free Trade Agreement (EVFTA).

In
addition, with a population of nearly 100 million, a low median age, and a high
rate of Internet users, Vietnam is a strong potential market that foreign
investors in the fields of digitalisation and e-commerce are keeping an eye on,
the ASEAN Secretary General noted.

Recent
reforms on administrative and customs procedures have helped address troubles
for firms in goods transport and foster foreign investment activities in the trade
and service sectors, he said, adding that Japan’s investment in Vietnam has
been on the rise.

In
2017, Japan topped the list of countries and territories investing in Vietnam
with 9.11 billion USD, accounting for 25.4 percent of total capital.

In
the first six months of this year, Japan also overcame 86 countries and
territories to become the largest foreign investor in Vietnam, with 6.47
billion USD, or 31.8 percent of the total registered capital. –VNA